European Union officials announced that the group has moved closer to creating a central European treasury that would be able to override the individual budgets of member nations. The system would essentially create a government entity in Brussels that would have power over the economies of all member nations.
Several leaders in the EU want the debts of individual member nations to be guaranteed by all the members of the Eurozone instead of each member being individually a problem on the system like Greece and Spain have been in the last year. Continue reading →
The possible departure of Greece from the euro zone combined with the worsening economic conditions in Spain and record high unemployment in the euro zone are threatening to cause a disintegration of the continent wide currency.
Olli Rehn, Brussels’ most senior economic official, says unless the nations that use the Euro are bound closer together the euro zone could collapse.
Italy’s leaders called for using euro bonds to create a path to “common debt” for Europe. Spain’s government is proposing a common fiscal authority for Europe to sync budgets of the member nations and manage overall debts. Continue reading →
A survey is showing that business activity in Europe has fallen to a 35-month low. In response, the euro fell to a 22-month low against the US Dollar.
European leaders failed to reach an agreement on how to handle the crisis as a proposal by French President Francois Hollande for pan-European bonds was opposed by German pending “more economic discipline” across Europe. Continue reading →
Al Qaeda has been sending secret files to their operatives around the world using pornographic films according to police in Germany who discovered the operation.
A member of Al Qaeda was arrested in Germany during which a flash drive was found hidden in his clothing. A pornographic film was on the flash drive that contained hidden files with instructions from high level Al Qaeda operatives for attacks on civilians. Continue reading →
